Shiba Inu: Whale Moves 3.3 Trillion SHIB Before Shibarium Launch

Vinod Dsouza
whale shiba inu
Source: Unsplash

An unidentified whale moved 3.3 trillion Shiba Inu tokens to a private and unknown wallet address. In precise numbers, the whale transferred 3,373,256,285,484 SHIB tokens to the unknown wallet which is worth nearly $30 million on Monday.

The whale initiated the transfer in a single massive transaction by paying a gas fee of $2.46. The transfer comes at a time after the Shiba Inu team confirmed that the Shibarium layer-2 network’s public beta testnet will be launched “soon”.

Also Read: Shiba Inu: AI Predicts SHIB Price For January 31, 2023

Source: Whale Alert

However, it is not known if the whale transferred the 3.3 trillion SHIB tokens to dump or hold. Whales steadily took entry positions with SHIB in 2021 and accumulated the token until Q3 of 2022. Whale entries into SHIB saw a decline in Q4 of 2022 as its price slipped south adding an extra ‘zero’ in the indices.

Also Read: Shiba Inu: Shibarium Codes Finally Go Public on GitHub


You can read more details about the whale transferring 3.3 trillion SHIB tokens here and here.

Shiba Inu: Shibarium Is Coming & Also ‘Burning’

Shiba Inu Shibarium
Source: Pixabay

The Shiba Inu team confirmed on Twitter that the upcoming Shibarium layer-2 network will ‘burn’ SHIB tokens. They added that Bone will be used as gas fees on the network and each transaction on Shibarium will burn SHIB tokens.

“We also would now like to formally announce that each Shibarium transaction will burn SHIB,” they confirmed. The team further added, “Bone serves as the required gas token for operability within Shibarium”.

Also Read: Shiba Inu: Unification Validator Provides Latest Update On Shibarium

However, the scale of the ‘burns’ has not been revealed and the functionality of the in-built burn mechanism is unknown.

Also Read: Shiba Inu: Investment of $2,200 Turns to $23 Million in 24 Months

At press time, the asset was trading at $0.00000877 and is up 4.1% in the 24 hours day trade. SHIB is down 89.8% from its all-time high of $0.00008616, which it reached in October 2021.